TORONTO, Jan. 11, 2022 /CNW/ - Neo Lithium Corp. ("Neo
Lithium" or the "Company") (TSXV: NLC) (OTCQX: NTTHF)
(FSE: NE2) is pleased to announce that its wholly owned
subsidiary, LIEX S.A. ("LIEX"), has received a "Declaracion de
Impacto Ambiental" (the "DIA") from the Environmental and Mining
Authority in Catamarca Province, Argentina. The DIA represents the
Environmental and Mining Authority's approval of LIEX's
Environmental Impact Assessment (the "EIA") for construction and
operation of the mine as set out in the feasibility study for its
wholly-owned Tres Quebradas lithium brine project ("3Q Project")
announced on October 26, 2021 and
described in the technical report filed on November 25, 2021. The DIA is the main
environmental approval document required for the construction and
operation of mining projects in Catamarca Province.
The issuance of the DIA confirms that the EIA is in compliance
with the standards and regulations under the national and
provincial mining law and contains customary requirements to
maintain the DIA in good standing. As part of the issuance of the
DIA, the Company agreed with Catamarca Province to fund an
infrastructure trust to be administered for the benefit of the 3Q
Project and its impacted areas.
Transaction Update
As announced on October 8, 2021,
Zijin Mining Group Co., Ltd. ("Zijin") (SSE: 601899) (SEHK: 2899)
and Neo Lithium entered into a definitive arrangement agreement
(the "Arrangement Agreement") pursuant to which Zijin agreed to
acquire all the outstanding shares of Neo Lithium (the
"Transaction") at a price of C$6.50
per share in cash. The Transaction will be completed pursuant to a
court approved plan of arrangement under the Business
Corporations Act (Ontario).
The issuance of the DIA satisfies one of the final conditions
precedent on the part of the Company to fulfill pursuant to the
Arrangement Agreement, other than conditions that can only be
satisfied at the effective time of the Transaction.
The Transaction was approved by Neo Lithium's shareholders at a
special meeting held for that purpose on December 10, 2021, and the Ontario Superior Court
of Justice (Commercial List) granted a final order approving the
plan of arrangement to implement the Transaction at a hearing held
on December 15, 2021. Zijin is in the
process of obtaining approval for the Transaction from relevant
authorities in the People's Republic of
China. Closing of the Transaction would be expected to close
soon thereafter.
About Neo Lithium Corp.
The 3Q Project is located in the Province of Catamarca, the
largest lithium producing area in Argentina. The project covers approximately
35,000 ha and the salar complex within this area is approximately
16,000 ha.
Additional information regarding Neo Lithium Corp. is available
on SEDAR at www.sedar.com under the Company's profile and at its
website at www.neolithium.ca.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. The TSX Venture Exchange Inc. has in no
way approved nor disapproved the contents of this press
release.
Cautionary Note Regarding Forward Looking Statements -
Certain information set forth in this news release may contain
forward-looking statements. Such statements include but are not
limited to, statements with respect to the expected satisfaction of
conditions precedent related to the Transaction, including approval
of the Transaction required from the
People's Republic of China, the construction and operation
of the 3Q Project, and the anticipated closing of the Transaction
and the timing therefor. Generally, forward-looking statements can
be identified by the use of words such as "plans", "expects" or "is
expected", "scheduled", "estimates" "intends", "anticipates",
"believes", or variations of such words and phrases, or statements
that certain actions, events or results "can", "may", "could",
"would", "should", "might" or "will", occur or be achieved, or the
negative connotations thereof. Forward-looking statements are
subject to numerous risks and uncertainties, certain of which are
beyond the control of the Company, which could cause the actual
results, performance or achievements of the Company to be
materially different from the future results, performance or
achievements expressed or implied by such statements. These risks
include, without limitation, the possibility that the Transaction
will not be completed on the terms and conditions, or on the
timing, currently contemplated, and that it may not be completed at
all, due to a failure to obtain or satisfy, in a timely manner or
otherwise, required approvals and other conditions of closing
necessary to complete the Transaction or for other reasons, the
possibility of adverse reactions or changes in business
relationships resulting from the announcement or completion of the
Transaction, political and regulatory risks associated with mining
and exploration activities and operations in Argentina, environmental regulation, and other
risks and uncertainties related to the Company's prospects,
properties and business detailed elsewhere in the Company's
disclosure record, including, but not limited to, the risk factors
described in the Company's revised annual information form for the
year ended December 31, 2019
available on SEDAR. Although the Company believes its expectations
are based upon reasonable assumptions and has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended and undue reliance should not be placed on forward-looking
statements.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/neo-lithium-receives-catamarca-government-approval-of-its-environmental-impact-assessment-for-the-construction-and-operation-of-its-3q-project-301458232.html
SOURCE Neo Lithium Corp.